Hyundai Construction Leads Future Housing with 15 Startups

Hyundai Construction will develop new technologies or services in the smart construction and future housing sectors with 15 startups by the end of October.

List of 15 startups selected for the '2024 Hyundai Engineering & Construction x Seoul Startup Open Innovation' announced by Hyundai Engineering & Construction. [Data provided by Hyundai Engineering & Construction]

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Hyundai Construction announced on the 10th that it has selected 15 outstanding startups through the '2024 Hyundai Construction x Seoul Startup Open Innovation.'

The '2024 Hyundai Construction x Seoul Startup Open Innovation' is an open contest where Hyundai Construction collaborates with startups to create a co-growth ecosystem within the construction industry. Hyundai Construction has been holding this contest annually since 2022 in partnership with the Seoul Business Agency (SBA), a Seoul city startup support organization.

This year, a total of 15 startups were finally selected: 6 in the smart construction technology sector, 1 in digital healthcare, 1 in smart safety, 5 in future housing, 1 addressing on-site needs, and 1 in the starting block category. A total of 227 startups applied for the contest, undergoing document screening, face-to-face evaluation, and the establishment of collaboration proof-of-concept (PoC) business plans.

The selected startups will sign demonstration business agreements with Hyundai Construction and conduct PoC programs with Hyundai Construction’s operational departments until the end of October. Startups with excellent PoC results will receive benefits such as service commercialization, new technology and product development, business opportunities and follow-up project support, and investment consideration. Notably, two of the selected companies this year will receive an additional 190 million KRW in project support funds through linkage with the 2024 Public-Private Cooperation Open Innovation Support Project 'Autonomous Proposal Type (Bottom-up)' led by the Ministry of SMEs and Startups.

Additionally, Hyundai Construction collaborates with various startups through public-private cooperation support projects. In the Ministry of SMEs and Startups’ public-private cooperation open innovation support project 'Problem-Solving Type (Top-down),' Hyundai Construction proposed the task of a 'health management platform for apartment residents' and plans to collaborate with three startups (Clion, Soldak, AIT Story). Furthermore, in April, Hyundai Construction participated in the Ministry’s Startup Leap Package Support Project 'Large Corporation Collaboration Type,' working with eight startups including JH Global and Eum Network.

Meanwhile, Hyundai Construction will operate the 'Hyundai Construction Open Innovation Joint Pavilion' at the '2024 Korea Construction Safety Expo' held at KINTEX in Ilsan, Goyang-si, Gyeonggi Province, in October. During this event, the 'Hyundai Construction Open Innovation Day (Demo Day)' will be held to share achievements with the selected startups.

A Hyundai Construction official stated, "We will continue to accelerate open innovation activities by participating in various support projects to discover and nurture innovative startups in the future construction industry."

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